Trenton, NJ – November 20, 2015 – (RealEstateRama) — New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta today announced the award of $31.9 million in federal Low Income Housing Tax Credits (LIHTCs), which will generate $319 million in investment capital to build more than 1,700 rental units across New Jersey.
HMFA estimates that these awards will generate approximately $679 million in one-time economic output, defined as the total value of industry production, such as sales and business revenues. During construction, these projects will generate more than 4,000 full-time jobs and approximately $25 million in state and local taxes.
The LIHTC program is the most successful federal affordable housing production program to date. Since the program’s inception in 1986, New Jersey has allocated over $450 million in LIHTCs and created more than 45,000 affordable units.